BTC/USD - Large pennant formation to push us to 50k

BTC has formed a large pennant (in blue) that is a continuation pattern, therefore the bias is for price to break-up once we reach the apex in a few days. If that happens we are likely to reach the low $50k.

For now the price is next to the support line and likely to push up at least 10% before hitting resistance once more, therefore a short term long is in order with a stop just under support line.

I am a bit concerned by the indicators on the daily, with MACD doing a bearing cross and RSI losing momentum fast. If we break the support line, then we will most likely fall to 30k and that may lead to a longer correction.

BTC Dominance also lost 2% in the last 24h, signaling there may be a mini alt season again with some alts pushing over double digit gains today.

The weekend will give us more clarity and as long as the price stays within the pennant we should not have any surprises.

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